After SunEdison, this Canadian solar power firm is also looking to exit India

The US solar giant SunEdison is already looking to offload equity in solar projects in India and now Canada-based SkyPower Global has also hinted at similar plans.

SkyPower Global had bagged contracts to establish plants of 150 MW in Madhya Pradesh last July and now is looking to offload equity.

SkyPower Global's Mauritian and South East Asia Holding Ltd had won bids to set up three solar plants in Madhya Pradesh at tariffs of Rs 5.05, Rs 5.11and Rs 5.30 per kwH.

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Now, the solar prices have tumbled but the tariffs are still the same, which were lower at the time of awarding contracts.

"I was always apprehensive about this bid in MP. The attitude and actions of SkyPower never seemed to suggest it was serious. Usually, companies visit the site before bidding and do plenty of preparatory work, which seemed to be missing in this case," a senior official associated with the ministry of new and renewable energy told ET.

The state government had floated tenders for a total of 312 MW of solar power projects.

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